Apple’s iPhone trade-in program is reportedly launching across the US today

Apple is reportedly launching its ‘iPhone Reuse and Recycling Program’ in the United States today, giving customers the ability to trade-in their existing handset and obtain a discount on the latest model.

In a tweet earlier today, CNBC said Apple had confirmed the roll out to its Technology Correspondent Jon Fortt.

BREAKING: Apple tells @jonfortt that $AAPL‘s trade-in program to roll out nationwide today; customer must leave store with new contract.

9to5Mac reported earlier this week that the trade-in price will vary for older handsets depending on the condition of the display and physical buttons, as well as any engravings or liquid damage affecting the device.

The article also suggests that to be able to trade in an older iPhone, it must be on-contract and activated while the customer is in the store.

The trade-in credit will then be offered as a gift card, which the buyer has to spend at that time against a new iPhone. It cannot be used to discount any other products available in store. The old iPhone will then be put in a plastic bag – the user gets their old SIM card back – and an Apple employee will ask whether they want any help setting up the new handset.

Of note, however, is CNBC’s claim that customers will need to leave the store with a new contract. We’ve reached out to Apple to confirm the roll-out of the ‘iPhone Reuse and Recycling Program’ and other finer details, so we’ll be sure to update this piece if and when we hear back.